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Dr Sally Basker, Chief Executive of Exeter Science Park Limited, said Exeter Science Park is growing rapidly and is on-track to become a community of around 700 people by 2021.

She said: “The Science Park helps innovative STEMM companies to deliver extraordinary growth and this Enterprise Zone grant will help us meet accommodation needs of STEMM businesses – both those already located at the Science Park and new firms wishing to take the next step in their growth journey and create a sustainable business.”

Exeter and East Devon Enterprise Zone is part of the Heart of the South West’s multi-site enterprise zones including Oceansgate in Plymouth and Gravity in Somerset.

The Exeter and East Devon Enterprise Zone is in its second year of operation, with businesses benefiting from Government-funded business rate relief.

In April 2018, the East Devon Council agreed in principle to borrow up to £8m, with detailed approval for £3.4m of expenditure.